NewRiver gets new date to make firm bid for Capital & Regional

(Alliance News) - Capital & Regional PLC said on Thursday its suitor NewRiver REIT PLC will have more time to make formal takeover offer.

NewRiver now has a new put-up-or-shut-up date of September 26, extended from Thursday this week.

To allow the discussions with NewRiver to continue, Capital & Regional said it had requested, and the UK's Panel on Takeovers & Mergers has consented to, an extension to the date by which NewRiver is required to either announce a firm intention to make an offer for the company.

NewRiver has expressed interest in acquiring the London-based real estate investment trust.

On Tuesday this week, Praxis Group Ltd, a privately owned property company that specialises in shopping centres in the UK, abandoned its bid to takeover Capital & Regional.

NewRiver said late in May it had made a proposal to Growthpoint Properties Ltd about a potential takeover of Capital & Regional. Growthpoint owns 68% of Capital & Regional.

Vukile Property Fund Ltd late in May withdrew its bid to acquire Capital & Regional, for a moment leaving NewRiver as the only declared suitor.

By Artwell Dlamini, Alliance News reporter

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